Slump in demand hits festive cheer in market

The slump has been attributed to households tightening purse strings due to rising costs

After a devastating second wave of COVID-19 when the government eased restrictions, traders were pinning their hopes on the festive season from Ganesha to Deepavali to recover losses. However, with the price of fuel and essential commodities spiralling, festival cheer remains elusive.

Many retailers across sectors said that consumption levels are down while others pointed out that it is not as high as they had hoped for. This is because households are tightening their purse strings due to rising costs and festivities are low key, they said.

Sajjan Raj Mehta, a cloth merchant in Chickpet, said business volume usually increases by over 150% during the festival season, but this year business levels were lower than usual, leave alone festival swell. “People do not have money in hand. We traders are marginally better off than during the lockdown,” he said.